Tuesday, August 27, 2013

PetroChina Corruption Investigation Fingers Top Execs

The thoughts of the Politburo turn to nailing Zhou Yongkang to the wall before he has a chance to hunker down in the States with his son's family with a new series of investigations launched into senior staff at PetroChina.
SASAC said CNPC group deputy general manager Li Hualin, vice-president of listed unit PetroChina Ran Xinquan, and PetroChina chief geologist Wang Daofu are all under investigation. It did not detail the accusations against them.

Deputy general manager Li Hualin once served as secretary to Zhou Yangkong, who's son, Zhou Bin made close to 20 billion Yuan through PetroChina where the elder Zhou served as general manager of CNPC from 1996-98, thanks to a series of dodgy deals with Darfur.  The company drew critical fire from as it continued to trade with Sudan, despite horrific genocide in the country at the time.

PetroChina was suspended from trading on Tuesday pending an announcement on the investigation.
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